Kinder Morgan Energy Earnings Cheat Sheet: Strong Profits Meet Fading Sales

Falling revenue did not prevent Kinder Morgan Energy Partners L.P (NYSE:KMP) from reporting a profit boost in the first quarter. Kinder Morgan Energy Partners L.P. is a pipeline transportation and energy storage company in North America, which owns and manages a portfolio of energy transportation and storage assets.

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Kinder Morgan Energy Partners L.P Earnings Cheat Sheet for the First Quarter

Results: Net income for Kinder Morgan Energy Partners L.P rose to $340.9 million (18 cents/share) vs. $225.3 million 8 cents/share) YoY. A rise of 51.3% from the year earlier quarter.

Revenue: Fell 6.4% to $1.99 billion YoY.

Actual vs. Wall St. Expectations: KMP fell short of the mean analyst estimate of 47 cents/share. Estimates ranged from 38 cents per share to 64 cents per share.

Quoting Management: Chairman and CEO Richard D. Kinder said, “We are pleased to increase our cash distribution per unit for the fifth consecutive quarter. All five of our businesses produced stronger first quarter results than in the comparable period last year.”

Key Stats:

A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the third quarter of the last fiscal year, which saw revenue rise 24%.

Net income has increased 13% year over year on average across the last five quarters. The biggest gain came in the most recent quarter, when income climbed 51.3% from the year earlier quarter.

Competitors to Watch: Enterprise Products Partners LP (NYSE:EPD), Copano Energy (NASDAQ:CPNO), Kinder Morgan (KMI), MarkWest Energy (NYSE:MWE), El Paso Pipeline (NYSE:EPB), El Paso (NYSE:EP), Enterprise GP Holdings (NYSE:ETP), Energy Transfer (NYSE:ETP), Duncan Energy (NYSE:DEP) and Magellan Midstream Partners (NYSE:MMP).

Today’s Performance: Shares of KMP are trading at $75as of April 20, 2011 at 4:47 PM ET, down 0.9% from the previous closing price of $74.95.

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